The whole market is suffering due to two crypto titans having a feud.
•Dogecoin (DOGE) has lost over 12.3% in value over the past 24 hours and trades at around $0.10, according to data from Coingecko.
• Despite today’s heavy losses, DOGE is still up 67.5% over the past 30 days.
• Intense trading for the canine-crypto pumped its daily trading volumes across multiple exchanges to $2.3 billion, a 30% jump over the previous day.
• With a market capitalization slightly above $14 billion, DOGE is still the 8th-largest cryptocurrency but could drop its ranking if the downturn continues .
• Shiba Inu (SHIB), which backs DOGE ,is also down 8.5%, wiping off SHIB’s monthly gains over the past 24 hours , per data from Coingecko .
Dogecoin and Shiba Inu Price Drops: What’s Going On?
For anyone who has been following the cryptocurrency market closely, the past 24 hours have been pretty rough. Dogecoin (DOGE), which has seen a massive surge in popularity in recent months, has lost over 12.3% of its value, and is currently trading at around $0.10. This is a significant loss, especially considering that DOGE was trading at around $0.40 just a few days ago. However, it’s important to remember that DOGE is still up 67.5% over the past 30 days, so the current dip may not be cause for too much alarm — yet.
Dogecoin (DOGE) has lost over 12.3% in value over the past 24 hours and trades at around $0.10, according to data from Coingecko. The altcoin has been on a losing streak since early May and is down over 65% from its all-time high of $0.29 reached on May 8. Dogecoin’s market capitalization currently stands at $1.3 billion, which makes it the 30th largest cryptocurrency by market cap. Despite the recent sell-off, Dogecoin is still up nearly 12,000% year-to-date. The altcoin was created as a joke in 2013 but has gained a cult following due to its popular Shiba Inu mascot. Dogecoin’s popularity received a boost last month after Tesla CEO Elon Musk tweeted about the cryptocurrency and called it “pretty cool.” However, Musk later clarified that he is not an investor in Dogecoin or any other cryptocurrency. Nonetheless, the Tesla CEO’s endorsement helped drive Dogecoin’s price to new highs last month. It remains to be seen if the altcoin can recover from its recent sell-off and regain the momentum it had earlier this year.
What’s causing the Dogecoin price drop?
There are probably a few reasons for the price drop. Some experts believe that the recent increase in trading volumes may have put too much pressure on the cryptocurrency’s infrastructure, leading to today’s sell-off.
Intense trading for the canine-crypto Pumped its daily trading volumes across multiple exchanges to $2.3 billion, a 30% jump over the previous day. This rapid influx of traders may have overwhelmed dogecoin’s network, resulting in today’s price drop.
A major thought, however, is the ongoing feud between FTX Leader Sam Bankman-Fried and Binance CEO Changpeng Zhao. Zhao recently revealed a move to sell almost $500 million of FTX’s FTT token. This feud has caused the crypto market’s capitalization to lower 3.5% to $1.03 trillion.
What does this mean for DOGE and SHIB investors?
Although today’s losses are significant, it’s important to remember that these types of things happen in the world of cryptocurrency all the time. For long-term investors, it might be best to sit tight and wait for the dust to settle before making any big decisions.
However, if you’re feeling bearish about dogecoin or Shiba Inu token (SHIB), now might be a good time to sell off your holdings and take profits while you can.
Dogecoin (DOGE) has seen a significant drop in value over the past 24 hours, losing 12.3% of its value and trading at around $0.10 according to Coingecko data. Although this is a significant loss, it’s important to remember that DOGE is still up 67.5% over the past 30 days. The sudden surge in Dogecoin trading activity may have overwhelmed the network, resulting in today’s sell-off. For long-term investors, it might be best to wait for the dust to settle before making any decisions. However, if you’re feeling bearish about Dogecoin or Shiba Inu Token (SHIB), now might be a good time to take profits while you can.